I have started to read Obama's book and just from the prologue I know where this book is headed. Let me first say that I have a lot of respect for what he has accomplished and the amount of hope people have because of him. He went up against all kinds of odds to get where he is at and now he believes that we would be better off if everyone got a free ride. He wants the government to pay for everyone's opportunity.
This idea has good intentions behind it but it comes at a cost. Government would have to pay for those who could not afford it and so basically that means Joe and Jane taxpayer are going to have to pay more taxes. This would drive down the incentive for someone to work while they went to school or to start a savings for school. How about those who build character and develop their drive from having to struggle? As far as I remember our country is full of opportunities for rich and poor.
The other night Obama mentioned that he just could not sit around and do nothing. Cutting payroll taxes is not doing nothing and it would lower the cost for all businesses and allow them to hire. His argument against giving taxes back is that people will not spend it. These are the same people that he says in his book that must be trusted to choose for themselves. He also says that consumer spending alone can not get us out of this mess. If people don't spend then that means they are saving and therefore the banks do not need a bailout cause they can make more money by making more loans. The people borrowing are now spending and putting money back into the economy. How much of our GDP do we expect government spending to be? I do not think we can develop a dependency on our government being a big percentage or else we will just have to keep raising taxes and eventually become a socialist country. I guess that is one way to fix our immigration issue cause at that point immigrants will just decide to stay in their own countries. Opportunities and Innovation will cease to exist. That my friends is why you should be scared.
This idea has good intentions behind it but it comes at a cost. Government would have to pay for those who could not afford it and so basically that means Joe and Jane taxpayer are going to have to pay more taxes. This would drive down the incentive for someone to work while they went to school or to start a savings for school. How about those who build character and develop their drive from having to struggle? As far as I remember our country is full of opportunities for rich and poor.
The other night Obama mentioned that he just could not sit around and do nothing. Cutting payroll taxes is not doing nothing and it would lower the cost for all businesses and allow them to hire. His argument against giving taxes back is that people will not spend it. These are the same people that he says in his book that must be trusted to choose for themselves. He also says that consumer spending alone can not get us out of this mess. If people don't spend then that means they are saving and therefore the banks do not need a bailout cause they can make more money by making more loans. The people borrowing are now spending and putting money back into the economy. How much of our GDP do we expect government spending to be? I do not think we can develop a dependency on our government being a big percentage or else we will just have to keep raising taxes and eventually become a socialist country. I guess that is one way to fix our immigration issue cause at that point immigrants will just decide to stay in their own countries. Opportunities and Innovation will cease to exist. That my friends is why you should be scared.
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